AN ACT AUTHORIZING THE ISSUANCE OF CERTAIN BONDS BY THE TOWN OF NORTHBOROUGH.
Be it enacted by the Senate and House of Representatives in General Court assembled, and by the authority of the same as follows:
SECTION 1. Notwithstanding any general or special law to the contrary, the town of Northborough may issue bonds and notes not exceeding $1,500,000 for the costs of environmental remediation and costs incidental and related thereto for a term of not more than 20 years from their date of issuance. The town may also issue temporary loans in anticipation of any borrowing pursuant hereto under section 17 of chapter 44 of the General Laws. Bonds and notes may be issued under this act by the town treasurer with the approval of the selectmen and the proceeds may be expended without further authorization or appropriation by the town. Indebtedness incurred under this act shall not be included in determining the limit of indebtedness of the town under section 10 of said chapter 44 but, except as provided in this act, shall otherwise be subject to said chapter 44.
SECTION 2. This act shall take effect upon its passage.